Cheyne Capital provides funding to Country Court Care to support nationwide growth
Country Court Care has announced the completion of a refinance which sees Cheyne Capital installed as the sole, senior lender to its 30 care home portfolio, replacing Barclays, Santander and AIB. In addition, Cheyne has provided a £51 million development facility to fund a pipeline of seven new build assets nationwide, as the group continues to expand.
The Country Court Care portfolio has grown significantly over the last few years, stretching from Brighton to York and with the Group opening seven homes in the past 24 months. The portfolio is 100% freehold and remains fully-owned by the Kachra family who focus on driving the standards of environment and hospitality continually within the sector.
Al-Karim Kachra, CFO of Country Court Care said, “We’re very pleased to have grown our relationship with Cheyne Capital which started three years ago. Being a family business it has always been imperative for us to retain our core family values throughout the business and to have a partner that understands our ethos. In a sector that is constantly changing and encountering new challenges, this is especially important and Cheyne’s willingness to evolve and flexibility has proven that to us. With this facility, Cheyne will be supporting us in being able to continue in our vision to provide high quality care and focus on building new care homes fit for the future.”
Raphael Smadja of Cheyne Capital commented, “As a business with a significant history and a 35 year heritage, Country Court Care has a proven track record and established role as a provider of quality care across the country. We’re delighted to grow our relationship with the business, whose ethos and operational approach corresponds with the high-quality, relationship-driven principles we employ in our lending strategy. This supports our strategy of providing flexible private capital to help invest in the growth of this sector.”
Country Court Care was advised by Charles Russell Speechlys, Freeths, 8Advisory, PwC Birmingham and Duncan and Toplis. Taylor Wessing, Mayer Brown, Knight Frank and Connell Consulting advised Cheyne.